As we approach year-end, you should consider taking steps to strike off or liquidate corporate entities that are no longer required in order to avoid unnecessarily incurring annual fees in 2021. McGrath Tonner offers a flexible range of solutions for an efficient closure process.
Depending on the entity, matters for consideration may include the payment of final distributions to investors, filing of final audited financial statements with the Cayman Islands Monetary Authority (CIMA) prior to the final meeting and any further reporting to the Cayman Islands Tax Authority.
To avoid unnecessarily incurring annual registration fees in 2021, the following deadlines must be met:
- CIMA Registration Fees: All requirements for CIMA License under Liquidation status must be complied with on or before 31 December 2020.
- Cayman AEOI Regime: All requirements for voluntary liquidation must be complied with and final meetings held (companies) on or before 31 December 2020.
- Registrar of Companies and Exempted Limited Partnership Fees: All requirements for voluntary liquidation must be complied with and final meetings held (companies) on or before 31 January 2021.
The deadline for the last regularly scheduled Gazette issue of
2020, which will allow compliance with the statutory obligations
and meet the 31 January 2021 deadline, is 12 noon on 11 December
2020. This is the latest date that voting shareholders/general
partners can pass the appropriate resolutions, without incurring
additional advertising costs.
Where possible, we suggest that the winding up commences well in advance of the 11 December 2020 deadline.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.